Non-Employer Health Insurance Options Before Medicare: COBRA, Marketplace, and Private Insurance

What happens when you lose your health insurance coverage and you are not Medicare eligible?

Continuing our Health Insurance month, Spencer discusses health insurance options outside of employer sponsored plans with Zach Cole, a health care financial planning expert.

COBRA, marketplace plans, and private insurance are all options when transitioning between jobs or losing employer health coverage. Learn more about eligibility, costs, provider networks, and enrollment periods for these alternatives.

Key Takeaway 1: COBRA continues your current employer health insurance, but you pay the full premium cost plus a 2% fee. It allows you to keep your existing plan, deductibles, providers, etc.

Key Takeaway 2: Marketplace plans have income-based subsidies and are ACA-compliant, but provider networks vary. Shop plans and networks during open enrollment.

Key Takeaway 3: Individual plans from private insurers can fill gaps, but may not offer subsidies. Make sure providers are in-network before enrolling.

This content was written by Spencer S. Hall CFP®, RLP ®, CKA ®, MBA, MDiv

Spencer is a Certified Financial Planner™ with 14 years in the field of retirement and financial planning. As a second-generation financial advisor at Retirement Planning Services, Spencer brings a wealth of experience and passion to help clients align their wealth with their core values.

Advisory services offered through Retirement Planning Services, LLC.

The information in this article is intended for general educational and informational purposes only, and should not be construed as investment advisory, financial planning, legal, tax, or other professional advice based on your specific situation. Please consult with your professional advisor(s) before taking any action based on its contents.